| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 60th | Good |
| Demographics | 74th | Good |
| Amenities | 11th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 139 Chestnut St, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1980 |
| Units | 60 |
| Transaction Date | 2024-01-03 |
| Transaction Price | $4,700,000 |
| Buyer | WW ITHACA LLC |
| Seller | CAYUGA GDNS MGR LLC |
139 Chestnut St, Ithaca, NY Multifamily Investment
Neighborhood occupancy is strong and has trended upward, supporting stable cash flow potential according to WDSuite s CRE market data. This location favors steady renter demand in a suburban pocket of Ithaca with limited immediate retail but solid regional connectivity.
The property sits in a suburban neighborhood in Ithaca rated B+ for overall performance (ranked 14th of 38 metro neighborhoods). Neighborhood occupancy is approximately 97% (8th of 38; top quartile nationally), which points to resilient leasing conditions at the neighborhood level rather than at the property itself.
Vintage positioning is competitive: the building was constructed in 1980, while the neighborhood fs average construction year is 1955 (20th of 38). Being newer than much of the local stock can support renter appeal and reduce near-term capital intensity versus older comparables, though modernization of systems and common areas may still be warranted.
Renter-occupied share in the immediate neighborhood is roughly 30.8% (19th of 38; above metro median), suggesting a mixed tenure profile that can aid demand stability. Within a 3-mile radius, demographics indicate a large renter pool with households expanding over the past five years and additional growth forecast, which can translate to a larger tenant base and support occupancy.
Amenities inside the neighborhood footprint are limited (retail and services rank toward the bottom of the metro), but park access is comparatively better (9th of 38; above metro median). For investors, this implies a quieter setting with reliance on broader Ithaca nodes for daily needs a tradeoff that can attract renters prioritizing residential feel while requiring attention to commute and access in marketing.
Home values in the neighborhood have risen over the last five years, and the value-to-income ratio sits around the metro mid-range (rank 14 of 38). Combined with a rent-to-income ratio around the metro middle as well (rank 16 of 38), conditions indicate manageable affordability pressure that can support lease retention and measured rent growth without overextending renters.
Comparable neighborhood crime metrics are not available in WDSuite fs dataset for this specific area, so investors should benchmark safety using city and metro references and recent trend reports. When local data is limited, prudent underwriting often incorporates property-level security considerations and market comps rather than block-level assumptions.
Regional employment includes advanced materials and manufacturing, which can underpin workforce housing demand and steady leasing, with proximity to a major headquarters noted below.
- Corning materials & glass manufacturing (34.4 miles) HQ
This 60-unit, 1980-vintage asset offers a relative age advantage versus a neighborhood base that skews mid-century, supporting competitive positioning with potential for targeted upgrades. Neighborhood-level occupancy is high and has improved, reinforcing near-term leasing stability; within a 3-mile radius, population and household growth point to a larger renter base ahead. According to CRE market data from WDSuite, the neighborhood fs rent and value metrics sit around the metro middle, indicating manageable affordability pressure that can aid retention while allowing disciplined rent optimization.
Amenity density inside the neighborhood is light, but park access and a suburban setting can appeal to renters prioritizing residential character. The investment case leans on steady occupancy fundamentals, moderate affordability, and value-add potential from modernization rather than speculation on outsized rent spikes.
- Strong neighborhood occupancy and upward trend support lease stability
- 1980 vintage is newer than much of the local stock, with targeted upgrade upside
- Expanding 3-mile renter pool underpins demand and reduces downtime risk
- Moderate rent-to-income context favors retention and disciplined pricing
- Risk: limited immediate retail and services; leasing strategy should emphasize access and suburban appeal